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It is now known as CityGrid Media. Back in January, Citysearch unveiled CityGrid an advertising network for local businesses. The CityGrid advertising network has existed for years, but it only recently opened up the platform so that advertisers could better target consumers of local communities and publications. Since January, CityGrid's growth has exploded, delivering more than half of Citysearch's total revenue. The new company will take the place of Citysearch, LLC, with Jay Herratti taking the helm of CityGrid Media. The move seems to indicate that IAC believes the market and revenue opportunities are in the local advertising network, and the reorganization reflects that attitude.